Aldi to Exit Greece But BMI Still Sees Potential In Sector

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Discount giant Aldi has announced it is to exit the Greek market after struggling to build up sufficient scale to operate a viable business. The firm entered the market in 2008 and had a goal of opening 100 stores by 2009. However, difficult local conditions, including high land prices, slowed the pace of expansion and by the end of 2009 it operated just 38 stores in the country. The firm's withdrawal raises question marks over the discount sector, which might have been expected to be a major beneficiary from the downturn. However, rival discount operator Lidl has so far not